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KYB case study

KYB, or Know Your Business, is the compliance process you go through to verify the legitimacy of a corporate client. This is done by validating the ownership structure and identities of business owners. KYB gives you a form of risk mitigation, as understanding a new business customer’s organisation structure creates transparency and trust.

You have a clearer picture of ownership and you are able to establish whether the firm is legitimate. You are also able to avoid potential issues related to aiding financial crimes like money laundering through a shell company.

KYB case study with Financial House

Financial House operates a complex compliance process, which works in numerous jurisdictions, covers corporate onboarding and ongoing risk monitoring, and it has several human touch points.

Its agent network provides the first line of defence in its compliance process. Then Financial House completes its risk monitoring plan by reviewing information supplied by the agents.

The firm needed a method to automate KYB checks and orchestrate the process for different teams involved in due diligence. It needed access to accurate KYB data to assess risk at onboarding and during ongoing monitoring. And, it wanted a central repository for customer documentation so teams could access it easily and on-demand.
The business case
Under the stewardship of a new money laundering reporting officer (MLRO), Metkel Asfaha, Financial House restructured its compliance function, employing new staff, creating new policies, and introducing a new coordinated RegTech system.

There were existing compliance processes, but the MLRO wanted to align the function, bringing together automated onboarding, risk classification and assessment, and ongoing monitoring in PassFort.
The solution
In September 2020, Financial House began work on a systems integration project, which included customer onboarding and ongoing risk monitoring.
Orchestrated KYB
Financial House has a very specific onboarding process for the companies it is doing due diligence on, tasks can become complicated quickly. PassFort handles this complexity while alleviating manual effort involved indue diligence and risk management.
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Now Financial House's teams don't need to launch checks, chase down documents, or update them in certain folders. This happens online in PassFort.
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PassFort has automated the firm's complex corporate onboarding and ongoing monitoring processes. And the solution brings agents and analysts into the compliance process where they add value to review cases or to make risk-based decisions.
Integrated data
To satisfy KYB data checks, PassFort integrated Credit safe into Financial House's compliance process. And for its sanctions and adverse media screening, PassFort integrated Dow Jones. As a result of working with PassFort, future savings can now be realised by removing a duplicate datasource used in the screening process.
Excellent record keeping
Previously, KYB documents would have been saved on servers by Financial House. Now, agents rely on PassFort to store and access customer documentation.
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All KYB documents are kept in one place - they are saved in PassFort. Anybody needing information knows it’s in the platform, and they know how and where to get it.

Metkel Asfaha, Financial House's MLRO, says...

"PassFort has made our whole process much easier to follow, it automates key tasks, and it also acts as a central repository for customer documentation."

“The reason Financial House chose to partner with PassFort was because we needed a solution that allowed us to manage very complex KYB and corporate onboarding activity."

"PassFort has made our whole process much easier to follow. It automates key tasks and also acts as a central repository for customer documentation."
"Of real significance to Financial House was PassFort's ability to perform ongoing monitoring of corporate clients, allowing us to carry out ongoing risk assessment after set periods of time depending on the level of risk, while refreshing key documents."

"As a Head of Financial Crime and MLRO, PassFort allows me to input into the platform all the necessary requirements for the specific type of business we are onboarding and then we get a risk assessment, which means we can construct ongoing monitoring for the long-term. All this is done seamlessly on the platform. Once we set up what our requirements are, our users have a much easier task when it comes to checking documents and making decisions."

"I've worked in other businesses where the onboarding process is done manually, and I can tell you the difference PassFort makes from a compliance analysts’ perspective in terms of work requirements."

"While we have been dealing with many changes and new systems as an organisation, my experience is that PassFort has been one of the few things it has been easy to deal with. In terms of responses, support, every time we have a query, the integration – everyone has been supportive. If we send out emails, we get responses in minutes and that doesn't happen with other partners."

Trusted by global institutions and startups alike

We are extremely proud of our growing list of customers. We take your business seriously and are excited about helping it grow.

The neat thing about PassFort is it tells our users what needs
attention without them having to figure it out.

Our team is focused on what needs prioritising, everything
else is automated in the platform.
David Chen
VP of Product, StoneX Retail
PassFort is an intuitive and easy-to-use platform that allows me to prioritise and complete my tasks efficiently, collaborate with my team, and automatically create audit trails - all within one system. PassFort customer service is unmatched from what we've experienced thus far from KYC/AML tools, in terms of response time and issue management.
Rebecca Wismeg
KYC Analyst, Tide
Paid would recommend PassFort to other customers thinking about a compliance solution. And thinking about not just the raw data of compliance, but a risk management platform - someone who you can work with as you scale your business up.
Tom Howsam
Co-Founder, Paid Ltd
PassFort allows us to do the job of a large compliance workforce with a reduced workforce; reducing overall costs and streamlining quotidian tasks.
Michael Moore
Global Head of Compliance, Wirex
I am very impressed with PassFort, it helps BitPay set a great compliance standard for the crypto industry. PassFort has scaled to support our demand with their great platform and a world-class team! We are now able to provide our customers a great onboarding experience that is robust, automated and seamless.
Yamini Sagar
Senior Product Manager, BitPay
Currencycloud has worked with PassFort for a number of years. We have an excellent relationship and have always found the platform to be an efficient solution for customer onboarding.
Jan Philippaerts
VP Compliance Operations, Currencycloud
PassFort has made our whole process much easier to follow, it automates key tasks, and it also acts as a central repository for customer documentation.
Metkel Asfaha
Head of Financial Crime & MLRO, Financial House
PassFort is always there for everything you need when it comes to risk, compliance and KYC checks. We consider the PassFort team part of our extended family - for me, they are the best in the market.
Sylvia Carrasco
Co-Founder and CEO, Goldex
We use PassFort to help clients onboard seamlessly onto our cryptocurrency exchange, EQUOS. PassFort organises our compliance workflow and improves visibility over applications. Not only is it an onboarding platform, it is also a unified database for retail and institutional clients.
Diginex
Capital Market Company
The neat thing about PassFort is it tells our users what needs
attention without them having to figure it out.

Our team is focused on what needs prioritising, everything
else is automated in the platform.
David Chen
VP of Product, StoneX Retail
PassFort is an intuitive and easy-to-use platform that allows me to prioritise and complete my tasks efficiently, collaborate with my team, and automatically create audit trails - all within one system. PassFort customer service is unmatched from what we've experienced thus far from KYC/AML tools, in terms of response time and issue management.
Rebecca Wismeg
KYC Analyst, Tide
Paid would recommend PassFort to other customers thinking about a compliance solution. And thinking about not just the raw data of compliance, but a risk management platform - someone who you can work with as you scale your business up.
Tom Howsam
Co-Founder, Paid Ltd
PassFort allows us to do the job of a large compliance workforce with a reduced workforce; reducing overall costs and streamlining quotidian tasks.
Michael Moore
Global Head of Compliance, Wirex
I am very impressed with PassFort, it helps BitPay set a great compliance standard for the crypto industry. PassFort has scaled to support our demand with their great platform and a world-class team! We are now able to provide our customers a great onboarding experience that is robust, automated and seamless.
Yamini Sagar
Senior Product Manager, BitPay
Currencycloud has worked with PassFort for a number of years. We have an excellent relationship and have always found the platform to be an efficient solution for customer onboarding.
Jan Philippaerts
VP Compliance Operations, Currencycloud
PassFort has made our whole process much easier to follow, it automates key tasks, and it also acts as a central repository for customer documentation.
Metkel Asfaha
Head of Financial Crime & MLRO, Financial House
PassFort is always there for everything you need when it comes to risk, compliance and KYC checks. We consider the PassFort team part of our extended family - for me, they are the best in the market.
Sylvia Carrasco
Co-Founder and CEO, Goldex
We use PassFort to help clients onboard seamlessly onto our cryptocurrency exchange, EQUOS. PassFort organises our compliance workflow and improves visibility over applications. Not only is it an onboarding platform, it is also a unified database for retail and institutional clients.
Diginex
Capital Market Company
The neat thing about PassFort is it tells our users what needs
attention without them having to figure it out.

Our team is focused on what needs prioritising, everything
else is automated in the platform.
David Chen
VP of Product, StoneX Retail
PassFort is an intuitive and easy-to-use platform that allows me to prioritise and complete my tasks efficiently, collaborate with my team, and automatically create audit trails - all within one system. PassFort customer service is unmatched from what we've experienced thus far from KYC/AML tools, in terms of response time and issue management.
Rebecca Wismeg
KYC Analyst, Tide
Paid would recommend PassFort to other customers thinking about a compliance solution. And thinking about not just the raw data of compliance, but a risk management platform - someone who you can work with as you scale your business up.
Tom Howsam
Co-Founder, Paid Ltd
PassFort allows us to do the job of a large compliance workforce with a reduced workforce; reducing overall costs and streamlining quotidian tasks.
Michael Moore
Global Head of Compliance, Wirex
I am very impressed with PassFort, it helps BitPay set a great compliance standard for the crypto industry. PassFort has scaled to support our demand with their great platform and a world-class team! We are now able to provide our customers a great onboarding experience that is robust, automated and seamless.
Yamini Sagar
Senior Product Manager, BitPay
Currencycloud has worked with PassFort for a number of years. We have an excellent relationship and have always found the platform to be an efficient solution for customer onboarding.
Jan Philippaerts
VP Compliance Operations, Currencycloud
PassFort has made our whole process much easier to follow, it automates key tasks, and it also acts as a central repository for customer documentation.
Metkel Asfaha
Head of Financial Crime & MLRO, Financial House
PassFort is always there for everything you need when it comes to risk, compliance and KYC checks. We consider the PassFort team part of our extended family - for me, they are the best in the market.
Sylvia Carrasco
Co-Founder and CEO, Goldex
We use PassFort to help clients onboard seamlessly onto our cryptocurrency exchange, EQUOS. PassFort organises our compliance workflow and improves visibility over applications. Not only is it an onboarding platform, it is also a unified database for retail and institutional clients.
Diginex
Capital Market Company
The neat thing about PassFort is it tells our users what needs
attention without them having to figure it out.

Our team is focused on what needs prioritising, everything
else is automated in the platform.
David Chen
VP of Product, StoneX Retail
PassFort is an intuitive and easy-to-use platform that allows me to prioritise and complete my tasks efficiently, collaborate with my team, and automatically create audit trails - all within one system. PassFort customer service is unmatched from what we've experienced thus far from KYC/AML tools, in terms of response time and issue management.
Rebecca Wismeg
KYC Analyst, Tide
Paid would recommend PassFort to other customers thinking about a compliance solution. And thinking about not just the raw data of compliance, but a risk management platform - someone who you can work with as you scale your business up.
Tom Howsam
Co-Founder, Paid Ltd
PassFort allows us to do the job of a large compliance workforce with a reduced workforce; reducing overall costs and streamlining quotidian tasks.
Michael Moore
Global Head of Compliance, Wirex
I am very impressed with PassFort, it helps BitPay set a great compliance standard for the crypto industry. PassFort has scaled to support our demand with their great platform and a world-class team! We are now able to provide our customers a great onboarding experience that is robust, automated and seamless.
Yamini Sagar
Senior Product Manager, BitPay
Currencycloud has worked with PassFort for a number of years. We have an excellent relationship and have always found the platform to be an efficient solution for customer onboarding.
Jan Philippaerts
VP Compliance Operations, Currencycloud
PassFort has made our whole process much easier to follow, it automates key tasks, and it also acts as a central repository for customer documentation.
Metkel Asfaha
Head of Financial Crime & MLRO, Financial House
PassFort is always there for everything you need when it comes to risk, compliance and KYC checks. We consider the PassFort team part of our extended family - for me, they are the best in the market.
Sylvia Carrasco
Co-Founder and CEO, Goldex
We use PassFort to help clients onboard seamlessly onto our cryptocurrency exchange, EQUOS. PassFort organises our compliance workflow and improves visibility over applications. Not only is it an onboarding platform, it is also a unified database for retail and institutional clients.
Diginex
Capital Market Company
The neat thing about PassFort is it tells our users what needs
attention without them having to figure it out.

Our team is focused on what needs prioritising, everything
else is automated in the platform.
David Chen
VP of Product, StoneX Retail
PassFort is an intuitive and easy-to-use platform that allows me to prioritise and complete my tasks efficiently, collaborate with my team, and automatically create audit trails - all within one system. PassFort customer service is unmatched from what we've experienced thus far from KYC/AML tools, in terms of response time and issue management.
Rebecca Wismeg
KYC Analyst, Tide
Paid would recommend PassFort to other customers thinking about a compliance solution. And thinking about not just the raw data of compliance, but a risk management platform - someone who you can work with as you scale your business up.
Tom Howsam
Co-Founder, Paid Ltd
PassFort allows us to do the job of a large compliance workforce with a reduced workforce; reducing overall costs and streamlining quotidian tasks.
Michael Moore
Global Head of Compliance, Wirex
I am very impressed with PassFort, it helps BitPay set a great compliance standard for the crypto industry. PassFort has scaled to support our demand with their great platform and a world-class team! We are now able to provide our customers a great onboarding experience that is robust, automated and seamless.
Yamini Sagar
Senior Product Manager, BitPay
Currencycloud has worked with PassFort for a number of years. We have an excellent relationship and have always found the platform to be an efficient solution for customer onboarding.
Jan Philippaerts
VP Compliance Operations, Currencycloud
PassFort has made our whole process much easier to follow, it automates key tasks, and it also acts as a central repository for customer documentation.
Metkel Asfaha
Head of Financial Crime & MLRO, Financial House
PassFort is always there for everything you need when it comes to risk, compliance and KYC checks. We consider the PassFort team part of our extended family - for me, they are the best in the market.
Sylvia Carrasco
Co-Founder and CEO, Goldex
We use PassFort to help clients onboard seamlessly onto our cryptocurrency exchange, EQUOS. PassFort organises our compliance workflow and improves visibility over applications. Not only is it an onboarding platform, it is also a unified database for retail and institutional clients.
Diginex
Capital Market Company

A risk management love story

Hear from Paid Founder, Tom Howsam, on how the innovative invoice payments company is supported by PassFort to complete compliant onboarding of customers.

Working with Paid from the beginning on its risk management journey, PassFort has been part of the company's growth story.

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